TAX PLANNING FOR SUNSET OF TCJA
TCJA, or the “Tax Cut and Jobs Act,” enacted by Congress on December 22, 2017, made material changes to the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for corporations and high income individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize […]
What To Expect For Tax Year 2022 – Some Of The Rules Have Changed
Child Tax Credit – reverts to the benefits available prior to the American Rescue Plan as follows: Reverts to up to $2,000 for 2022 – 2025 Each dependent child must be under age 17 Refundable up to $1,400, but no longer fully refundable Advance payments were not issued for tax year 2022 The credit is […]